A new stage in Greece’s offshore energy exploration has begun as ExxonMobil, Energean, and Helleniq Energy signed a farm-in agreement granting them joint ownership of 60% in Block 2 of the Ionian Sea, located northwest of Corfu. The signing took place in Athens during the Partnership for Transatlantic Energy Cooperation (P-TEC) meetings.
The exploration plan envisions drilling to start around 2027, with ExxonMobil estimating investment costs between 50 and 100 million dollars. If development proceeds on schedule, commercial gas production could begin in the early 2030s. Block 2 is considered one of the most promising offshore zones in Western Greece, expected to boost domestic energy security and reinforce Greece’s regional energy role.
Greek Environment and Energy Minister Stavros Papastavrou said that cooperation with global energy companies such as ExxonMobil and Chevron strengthens Greece’s position as a vital hub for transatlantic energy collaboration. He emphasized that ongoing infrastructure projects — including LNG terminals and interconnectors — are transforming Greece into a gateway for diversified energy supplies to Southeastern Europe.
US officials attending the event highlighted that each cubic meter of gas entering Europe through Greece contributes to regional energy security and reduces dependence on Russian supplies. They praised Greece’s geographical advantage and expanding LNG export infrastructure, describing it as an ideal entry point for US natural gas.
Discussions also underscored the strategic importance of the Vertical Gas Corridor — a north-south route linking Greece with Bulgaria, Romania, and neighboring countries — which will help transport diversified gas sources, including US LNG, and play a key role in Europe’s long-term energy transition.
Greek Prime Minister Kyriakos Mitsotakis hailed the project as a milestone of geopolitical and economic significance, confirming Greece’s growing role as a crucial link between transatlantic energy markets and Europe’s decarbonized future.
